Warby Parker (NYSE:WRBY) Shares Gap Up - Still a Buy?

Warby Parker Inc. (NYSE:WRBY - Get Free Report)'s share price gapped up prior to trading on Monday . The stock had previously closed at $16.55, but opened at $17.28. Warby Parker shares last traded at $16.96, with a volume of 205,879 shares.

Wall Street Analyst Weigh In

A number of research analysts recently commented on WRBY shares. Deutsche Bank Aktiengesellschaft raised shares of Warby Parker from a "neutral" rating to a "buy" rating and increased their price target for the company from $15.00 to $18.00 in a report on Monday. JMP Securities upgraded Warby Parker from a "market perform" rating to an "outperform" rating and set a $20.00 target price for the company in a report on Friday, August 23rd. Stifel Nicolaus increased their price target on Warby Parker from $14.00 to $15.00 and gave the company a "hold" rating in a report on Friday, August 9th. Piper Sandler started coverage on shares of Warby Parker in a research note on Friday, August 23rd. They set an "overweight" rating and a $18.00 price objective for the company. Finally, Telsey Advisory Group reiterated an "outperform" rating and set a $19.00 price objective on shares of Warby Parker in a research report on Thursday, August 8th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Warby Parker currently has a consensus rating of "Moderate Buy" and an average target price of $17.00.

Warby Parker Stock Performance

The company has a market cap of $1.83 billion, a P/E ratio of -45.31 and a beta of 1.82. The business's fifty day moving average is $14.87 and its two-hundred day moving average is $15.07.

Warby Parker (NYSE:WRBY - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $188.22 million during the quarter, compared to the consensus estimate of $186.89 million. Warby Parker had a negative net margin of 6.38% and a negative return on equity of 11.09%. Analysts expect that Warby Parker Inc. will post -0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Warby Parker news, Director Bradley E. Singer purchased 50,000 shares of Warby Parker stock in a transaction dated Tuesday, August 13th. The stock was acquired at an average price of $13.00 per share, for a total transaction of $650,000.00. Following the acquisition, the director now owns 100,000 shares in the company, valued at $1,300,000. This trade represents a 100.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Warby Parker news, CFO Steven Clive Miller sold 6,763 shares of Warby Parker stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $13.90, for a total value of $94,005.70. Following the transaction, the chief financial officer now owns 177,488 shares in the company, valued at $2,467,083.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bradley E. Singer bought 50,000 shares of Warby Parker stock in a transaction on Tuesday, August 13th. The stock was purchased at an average price of $13.00 per share, with a total value of $650,000.00. Following the completion of the acquisition, the director now directly owns 100,000 shares of the company's stock, valued at $1,300,000. This represents a 100.00 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 99,178 shares of company stock worth $1,339,901. 26.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Jacobson & Schmitt Advisors LLC raised its stake in Warby Parker by 0.3% in the first quarter. Jacobson & Schmitt Advisors LLC now owns 408,105 shares of the company's stock valued at $5,554,000 after buying an additional 1,397 shares during the last quarter. ProShare Advisors LLC boosted its stake in Warby Parker by 10.2% in the 1st quarter. ProShare Advisors LLC now owns 15,470 shares of the company's stock worth $211,000 after purchasing an additional 1,434 shares in the last quarter. Advisors Asset Management Inc. grew its position in Warby Parker by 79.9% during the 1st quarter. Advisors Asset Management Inc. now owns 5,125 shares of the company's stock worth $70,000 after purchasing an additional 2,276 shares during the last quarter. Hsbc Holdings PLC increased its stake in Warby Parker by 11.5% during the 2nd quarter. Hsbc Holdings PLC now owns 25,696 shares of the company's stock valued at $413,000 after purchasing an additional 2,651 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Warby Parker by 7.2% in the second quarter. The Manufacturers Life Insurance Company now owns 44,667 shares of the company's stock worth $717,000 after buying an additional 3,007 shares during the last quarter. Hedge funds and other institutional investors own 93.24% of the company's stock.

About Warby Parker

Warby Parker Inc provides eyewear products in the United States and Canada. The company offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, non-prescription lenses, and contact lenses. It also provides accessories, such as cases, lenses kit with anti-fog spray, pouches, and anti-fog lens spray through its retail stores, website, and mobile apps.